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Slower 8% climb in exports in 2011
Source: Xinhua |
December 17, 2010, Friday
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Print Edition
Print Edition
AFTER a strong rebound in 2010, Hong Kong exports are set to moderate, with 8 percent growth expected in 2011, according to a new Hong Kong Trade Development Council report released yesterday.
The easing reflects slower global economic recovery and weaker demand for electronics, said the "Hong Kong Export Outlook for 2011" report.
At a press conference HKTDC's Chief Economist Edward Leung noted that the inventory-rebuilding cycle in developed markets had almost been completed and that consumer demand was not expected to be as strong in 2011.
"Hong Kong's export growth will not remain at such a high level, as the outstanding figures recorded in 2010 were amplified by the low comparison base as well as the hearty appetite for high-tech and discretionary products," he said.
Hong Kong's re-exports of electrical and electronics equipment between the mainland and Asian economies rose 37 percent in the first 10 months from a year earlier. During the same period, Hong Kong's total exports gained 25 percent annually.
"While recovery in the developed world will continue in 2011, households in those countries remain cautious about spending, despite a general quantitative easing of government policy," said Leung.
He believed that frugal buying habits are likely to prevail in the United States, boosting sales prospects for products that are well- priced, stylish and safe.
"Hong Kong traders may be able to cash in on the US National Export Initiative, a programme that aims to double American exports over the next five years," he said. "Technology products are expected to play an important role in the programme, and Hong Kong is an effective entry point for US companies seeking to expand their reach into mainland and other Asian markets."
Hong Kong exporters must take note of the challenges as well as the opportunities ahead, Leung said.
The easing reflects slower global economic recovery and weaker demand for electronics, said the "Hong Kong Export Outlook for 2011" report.
At a press conference HKTDC's Chief Economist Edward Leung noted that the inventory-rebuilding cycle in developed markets had almost been completed and that consumer demand was not expected to be as strong in 2011.
"Hong Kong's export growth will not remain at such a high level, as the outstanding figures recorded in 2010 were amplified by the low comparison base as well as the hearty appetite for high-tech and discretionary products," he said.
Hong Kong's re-exports of electrical and electronics equipment between the mainland and Asian economies rose 37 percent in the first 10 months from a year earlier. During the same period, Hong Kong's total exports gained 25 percent annually.
"While recovery in the developed world will continue in 2011, households in those countries remain cautious about spending, despite a general quantitative easing of government policy," said Leung.
He believed that frugal buying habits are likely to prevail in the United States, boosting sales prospects for products that are well- priced, stylish and safe.
"Hong Kong traders may be able to cash in on the US National Export Initiative, a programme that aims to double American exports over the next five years," he said. "Technology products are expected to play an important role in the programme, and Hong Kong is an effective entry point for US companies seeking to expand their reach into mainland and other Asian markets."
Hong Kong exporters must take note of the challenges as well as the opportunities ahead, Leung said.
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